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Average UK property now worth £155,885

The Land Registry has today confirmed that UK house prices rose by 1.7% last month, the second consecutive month of increases, which now places a value of around £155,885 on the average UK property. The rebound of 1.7% in July is the largest single monthly rise over the last five years and would appear to bode well for the future of the UK property sector. When you also consider the vast array of positive comments from the UK housebuilding sector maybe, just maybe, the UK property sector is starting to emerge from its slump?

While it is very difficult to forecast the short to medium term performance of the UK property market, slowly but surely there are signs that everything is stabilising and buyers are potentially coming forward. If we were to see positive price movements over the next three or four months then conceivably we could be led to believe the recession in the property sector was over.

The only real concern is that we have been here before only to see demand reduce and additional properties enter the market. It is also worthwhile remembering there are a great number of repossessed homes waiting to hit the market as and when the time is right which could at best hold back any strong recovery and at worst possibly overpower the market.

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